What is Crypto Novi?

How Novi works. People with the Novi wallet can convert dollars or other fiat currency into USDP stablecoins , send those to other wallets, take money back out of the wallet in local currencies and even withdraw cash at certain locations or transfer it to a bank account, depending on where the user lives.

Currently launched as a pilot, Novi will initially allow users to send money from the US to Guatemala, using the stablecoin digital currency Pax Dollar, which they can hold in a digital wallet and convert into the local currency. Facebook ultimately plans to use its own cryptocurrency Diem for the service, although …

Their recipients can either keep the money in their Novi balance or withdraw it in their local currency by picking up cash at a nearby location or transferring it to their bank account .

A digital wallet is used to store and secure cryptocurrencies. Novi is a digital wallet that can be used to send and receive Diems .